Business
Westrock Coffee Company Announces Expiration and Results of Exchange Offer and Consent Solicitation
LITTLE ROCK, Ark., Sept. 27, 2024 (GLOBE NEWSWIRE) -- Westrock Coffee Company (NASDAQ: WEST) (“Westrock Coffee” or the “Company”), a leading integrated
About this update from Westrock Coffee Company
[{"type":"text","content":"LITTLE ROCK, Ark., Sept. 27, 2024 (GLOBE NEWSWIRE) -- Westrock Coffee Company (NASDAQ: WEST) (“Westrock Coffee” or the “Company”), a leading integrated coffee, tea, flavors, extracts, and ingredients solutions provider in the United States, today announced the expiration and results of its previously announced exchange offer (the “Offer”) and consent solicitation (the “Consent Solicitation”) relating to its outstanding (i) public warrants to purchase shares of common stock of the Company, par value $0.01 per share (“common shares”), which warrants trade on The Nasdaq Global Market under the symbol “WESTW” (the “public warrants”), and (ii) private placement warrants to purchase common shares (the “private placement warrants” and, together with the public warrants, the “warrants”). The Offer and Consent Solicitation expired at 5:00 p.m., Eastern Time, on September 26, 2024 (the “Expiration Date”). The Company has been advised that as of the Expiration Date, (x) 16,676,541 outstanding public warrants were validly tendered and not validly withdrawn in the Offer and Consent Solicitation, representing approximately 97.42% of the public warrants and (y) 2,026,046 outstanding private placement warrants were validly tendered and not validly withdrawn in the Offer and Consent Solicitation, representing 100% of the private placement warrants. The Company expects to accept all validly tendered warrants for exchange and settlement on or about September 30, 2024. In addition, pursuant to the Consent Solicitation, the Company has received the approval of holders of approximately 97.42% of the outstanding public warrants and 100% of the outstanding private placement warrants to amend the Warrant Agreement (“Amendment No. 1”), which exceeds (x) the required 50% threshold of the outstanding public warrants required to amend the Warrant Agreement with respect to the public warrants and (y) the required 50% threshold of the outstanding private placement warrants required to amend the Warrant Agreement with respect to the private placement warrants. Amendment No. 1 will permit the Company to require that each public warrant and each private placement warrant that is outstanding upon settlement of the Offer be converted into 0.261 common shares, which is a ratio 10% less than the exchange ratio applicable to the Offer. The Company expects to execute ...